What is happening to the property market in Constantia?
Rob Downey, who works with the Chas Everitt Constantia Team, has been asked this question frequently and in response prepared this report with a focus on the facts, and less on the wide-ranging opinions on the topic.
Some recent press reports shared on social media are nothing but wild speculation about the current number of properties on the market in Constantia demand a factual response. By researching the figures and looking at the major portals as at 29th January 2020, Rob determined the following from the dominant portal being Property24:
Despite the recent slowdown in home sales in Cape Town which has seen many real estate companies scale down their operations, Chas Everitt International franchisees are investing in new offices in the metro in anticipation of a substantial turnaround in the not-too-distant future.
One of these is the new high-visibility operation in Constantia Village, at the heart of a plush heritage area that has been particularly hard-hit over the past 18 months by emigration, the stagnant economy and a decline in the number of upcountry and foreign purchasers.
“This will further strengthen our strong position and interest in Constantiaberg area where we already have offices in Tokai and Bergvliet,” says Chas Everitt Constantia principal Sally Gracie, “and will be used to expand our penetration of the upmarket belt along the mountain slopes from Constantia and Bishopscourt to Newlands. Continue reading “New Chas Everitt Constantia office”→
By calling for public comment, the CoCT has provided an excellent opportunity for you to directly influence the budget in the direction you want it to go.
We urge you to have your say by clicking the green button below and to encourage everyone you know to participate in this essential process. As an extra measure, DearSA will compile a report from all comments received and will present it to the City to ensure the voice of the public is not ignored.
Please take action and participate now as the closing date is Monday 29 April.
Thank you for participating in your democracy.
The team at Dear South Africa.
The 2019/20 Budget tabled on 28 March 2019 has changes to the way property rates will be calculated in future.
There is an increase from the point where property rates start to be payable. It was increased from R200 000 to R300 000. The Rate in Rand was lowered from 0.007154 to 0.00555. It represents a 22% drop in the Rate in Rand rate.
The nett effect of these changes is that properties that had a property valuation (GV2018) increase of 30% will be paying the same rates as before. Lower than 30% property valuation will see a decrease in property rates. Those with a property valuation increase (GV2018) of more than 30% will progressively see an increase in their property rates bill.
The report, City Leases: Cape Town’s Failure to Redistribute Land, proposes a “radical new deal” for housing on 24 areas of City-owned land, including golf courses, bowling greens, country clubs, and parking lots. These range across the breadth of the City, from Camps Bay to Strand to Fish Hoek. Detailed proposals are provided for five of them:
As the New Year approaches, you may find yourself ready to fulfill an important goal; making the dream of owning your very own home a reality! Or maybe you are fortunate enough to be considering a move to a larger home, or the time has come to scale down to something smaller and more manageable!
Where do you start? Many dive right in and start house hunting with no idea what their price range is and very importantly what the added costs are, but if you had an uncle or an aunt in the real estate business you could talk to him or her and get some objective advice. Consider your Chas Everitt Cape Town South estate agent your direct contact to better real estate advice!
Without hesitation we recommend the services of a seasoned bond originator to pre-qualify you and also carry out a credit check on your behalf. Their services are free of charge and eliminates the hassle of shopping around for the best rate by yourself when the moment comes that you find your perfect home. * Should you use them to get a mortgage the mortgage broker will earn a commission from the bank but they are contracted to all the banks so they are totally motivated to get you the best deal.
As a buyer the added costs to be aware of are the bond registration costs as well as property transfer costs. These can not usually be added into the bond amount applied for. These funds need to be readily available before transfer of the property. The costs are dependent on your purchase price.
We have a good selection of starter homes in desirable areas but the best value less expensive houses are frequently sold by us before we ever market them. We have a responsibility to contact our registered buyers before we go to the open market so be strategic in your planning in the new year and register with us to gain a competitive edge. Give us a call to assist you from step A to Z and you could also request an invitation to our Better Buyer Workshop that is held by our marketing manager Andre de Villiers who has 35 years experience in Cape Town property.
As service driven agents we look forward to helping make your dreams a reality in 2019 that is the difference that makes Chas Everitt Cape Town South one of the best real estate companies to deal with in the opinion of our buyers who collectively give us a 4.8 out of 5 star rating – which is something we are super proud of maintaining and improving if we can.
There is no one way to sell a property because no property and seller are alike! It is a fundamental flaw in the marketing offered by most real estate companies that the same essential package is offered to most sellers. Little regard is made for the difference in seller’s circumstances and motivation or the area or the property! It’s a one size fits all or some extra bells and whistles for the more expensive homes.
Well, this is not the case with Chas Everitt Cape Town South. Over the last few years, we developed a tried and tested system that is centred around the strategically managed release of a property into the market with its own phased approach designed to stimulate maximum interest and response from qualified buyers.
Does this sound interesting to you as a seller? If you would like to know how you can secure these benefits, you will appreciate we cannot detail this here but if you contact the Chas Everitt Cape Town South area specialist who manages your area they will gladly explain how our management of the marketing process is fundamentally different to what you have heard before.
Amid the tumultuous environment of the property market over the last several years in South Africa, Cape Town has not only remained stable in house price inflation but shown significant growth thanks to foreign investors and migration from other provinces.
Data a research group, Lightstone, recently analysed data of several million properties in the Western Cape and pinned the annual inflation rate at just under 4.0%, with a monthly rate of 0.27%.
One of the most interesting findings, the group said, is how the value and volume of properties compares between Cape Town and Johannesburg.
During 2008 the rand experienced its most dismal period to date performing exceptionally low against its global counterparts and the property market experienced negative growth on a national scale.
IN AND AROUND THE CAPE PENINSULA THE CITY’S MOST EXPENSIVE MARKETS CONTINUED TO SHOW THE CLEAREST SIGNS OF SLOWING PRICE GROWTH IN THE 1ST QUARTER. Atlantic Seaboard, has seen its price growth slow the fastest off the highest base, while in certain more affordable sub-regions of the City there has still been some growth acceleration.
In the 1st quarter of 2018, we saw further slowing in house price growth in the City Bowl and the other major 3 sub-regions closest to the City Bowl, i.e. in and around the Cape Peninsula.
These sub-regions near to the city and the mountain have shown some of the strongest house price inflation of all of the Cape Town sub-regions over the past 5 years, and this prior deterioration in home affordability appears to have led to slowing demand, and thus price growth, in recent quarters.
The most expensive sub-region in the City of Cape Town Metro, i.e. the Atlantic Seaboard, has seen its average house price growth slow the most sharply off the highest base, from a revised multi-year high of 27.5% year-on-year in the final quarter of 2016 to 2.3% by the 1st quarter of 2018. Continue reading “Latest Property Report – 1st quarter of 2018”→